SiriusPoint launches Banyan Risk

SiriusPoint has launched an MGA underwriting D&O. Banyan Risk has been developed in partnership with Tim Usher-Jones (pictured).

Based and regulated in Bermuda, Banyan begins underwriting this week. The MGA will focus on custom D&O in complex risk areas including life sciences, global IPOs, the technology sector and SPACs.

Sid Sankaran, CEO of SiriusPoint, said: “With the right investment in technology and extensive professional services support, MGA’s provide the perfect vehicle for streamlining the underwriting process and allowing industry talent to flourish via shared ambition and return. Tim and the team have an innovative and creative approach that excites us, plus the experience, knowledge and deep industry relationships that are so important to successful underwriting. We see enormous potential to support businesses in areas where bespoke risks shouldered by Directors and Officers continue to evolve as global markets develop. I am very pleased to add Banyan to the portfolio of businesses SiriusPoint is incubating.”

Mr Usher-Jones started his insurance career at Chubb in Toronto, Canada, in 2005, starting out as an underwriter and later becoming senior vice-president, having managed a book of specialty insurance, including D&O, employment practice liability, fiduciary, fidelity, errors and omissions, surety, transactional risk and trade credit.

Usher-Jones added: “I am delighted to announce the establishment of Banyan Risk in Bermuda, a jurisdiction that embraces and supports talent and entrepreneurialism, and I am very pleased to have SiriusPoint as a partner. We will be taking an innovative approach to risk mapping, mitigation, and underwriting complex risk in the global specialty markets. Banyan has ambitious plans for growth – we are excited to bring much-needed capacity to the sector and grow to offer broader global specialty insurance solutions in the future.”

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